Low Interest Disaster Loans Available for Recent Storms and Flooding
The U.S. Small Business Administration is providing long-term, low interest direct federal loans for agricultural operations affected by the severe winter storms, flooding, landslides and mudslides occurring from December 27, 2022 through January 31, 2023. Agricultural organizations of any size located in San Luis Obispo and Ventura counties may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
It is important for applicants to complete the SBA application as soon as possible prior to the October 16, 2023 deadline. Eligibility is based on a case-by-case basis. The loan amount is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit.
The credit requirements for the loans are as follows:
- Applicants must have a credit history acceptable to SBA
- Applicants must demonstrate the ability to repay all loans
- Collateral is required for all EIDL loans over $25,000
To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at 800.659.2955.